The present invention relates to a flasher apparatus to be used as a traffic indicator installed in a vehicle and a method for performing flashing operation of the same. Most of the conventional flasher apparatus for vehicles are constructed to make all their lamps keep on one condition, that is, either an "on" or an "off" condition when a lamp burns out. In the conventional flasher, however, when some of the lamps malfunction, all of normal traffic indicator lamps and traffic indicator pilot lamps suddenly change their operating patterns from a flashing state to a non-flashing state. This sudden change of operating pattern to a non-flashing state is not apt to attract the attention of a driver or the people outside the vehicle to the malfunction. Therefore, the conventional flasher is disadvantageous from the standpoint of safe driving.